An opinion piece in the Financial Times on the likely pick as Jerry Powell for Federal Reserve System Chair

After feints in the directions of Gary Cohn, then Kevin Warsh and John Taylor, the president had suggested that he was interested in an appointment that would truly shake the Fed’s philosophy. This perceptibly shifted bond yields up a little, as investors braced for the prospect of a more hawkish Fed than previously expected. That apprehension unwound as the final leaks prepared the way for a Powell chairmanship.

But …

There are reasons to fear that Mr Powell is not quite the non-event that he appears. If Mr Powell is coupled with Mr Taylor, the best-known champion of a rules-based Fed, as his deputy, then the president will indeed have engineered quite a change in philosophy — a net swap of Taylor-for-Yellen would be a big deal.

The article is here for more. It’s the FT, so may be gated: Powell as Fed pick may not be the non-event it seems